Julius Baer may be about to sell part of its Latin American operations to Spain’s Santander, according to a report by «Citywire», which cited industry sources.

The transaction focuses on offshore accounts of Venezuela-based clients of Julius Baer, the sources said. Under the terms of the proposed deal, Santander would assume some of the clients of the Swiss bank following a review. The transaction hasn’t been finalized and the Swiss bank hasn’t passed on any clients yet, according to «Citywire».

Julius Baer declined to comment on the report.

The transaction seems to fit the reorientation of the Julius Baer strategy in Latin America. The bank last year decided to pull out of several countries and to focus instead on onshore markets in Brazil, Mexico and Argentina.